Bank of America (NYSE:BAC) Rating Increased to Strong-Buy at Hsbc Global Res

Bank of America (NYSE:BAC) was upgraded by stock analysts at Hsbc Global Res from a “hold” rating to a “strong-buy” rating in a research note issued on Tuesday,Zacks.com reports.

Other analysts have also issued research reports about the stock. Evercore ISI boosted their price target on shares of Bank of America from $44.00 to $45.00 and gave the company an “outperform” rating in a research note on Wednesday, October 16th. Royal Bank of Canada restated an “outperform” rating and issued a $46.00 target price on shares of Bank of America in a report on Wednesday, October 9th. Phillip Securities raised Bank of America from a “neutral” rating to an “accumulate” rating and set a $44.00 price objective for the company in a report on Friday, October 18th. Piper Sandler upped their price target on Bank of America from $44.00 to $50.00 and gave the stock a “neutral” rating in a report on Tuesday, December 3rd. Finally, Morgan Stanley downgraded shares of Bank of America from an “overweight” rating to an “equal weight” rating and increased their target price for the company from $48.00 to $55.00 in a report on Monday, December 9th. One analyst has rated the stock with a sell rating, seven have issued a hold rating, fifteen have assigned a buy rating and two have issued a strong buy rating to the stock. According to MarketBeat.com, the company currently has a consensus rating of “Moderate Buy” and a consensus target price of $47.50.

Bank of America Price Performance

BAC stock opened at $46.21 on Tuesday. The company has a debt-to-equity ratio of 1.09, a current ratio of 0.80 and a quick ratio of 0.80. The company’s 50-day moving average is $45.38 and its 200-day moving average is $42.12. The stock has a market capitalization of $354.56 billion, a PE ratio of 16.80, a price-to-earnings-growth ratio of 1.55 and a beta of 1.33. Bank of America has a 1 year low of $31.27 and a 1 year high of $48.08.

Bank of America (NYSE:BAC) last announced its quarterly earnings results on Tuesday, October 15th. The financial services provider reported $0.81 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.78 by $0.03. The business had revenue of $25.30 billion for the quarter, compared to analyst estimates of $25.25 billion. Bank of America had a return on equity of 10.09% and a net margin of 12.48%. The company’s quarterly revenue was up .4% on a year-over-year basis. During the same quarter in the prior year, the company earned $0.90 earnings per share. Equities research analysts expect that Bank of America will post 3.27 EPS for the current fiscal year.

Insider Buying and Selling at Bank of America

In other news, major shareholder Berkshire Hathaway Inc sold 8,694,538 shares of the firm’s stock in a transaction that occurred on Tuesday, October 15th. The shares were sold at an average price of $42.55, for a total value of $369,952,591.90. Following the completion of the transaction, the insider now directly owns 766,305,462 shares in the company, valued at approximately $32,606,297,408.10. This trade represents a 1.12 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Insiders own 0.29% of the company’s stock.

Institutional Trading of Bank of America

Institutional investors and hedge funds have recently bought and sold shares of the company. Fairway Wealth LLC purchased a new position in Bank of America in the 2nd quarter worth approximately $27,000. Kennebec Savings Bank bought a new stake in Bank of America during the third quarter worth about $29,000. Christopher J. Hasenberg Inc boosted its holdings in shares of Bank of America by 525.9% in the 3rd quarter. Christopher J. Hasenberg Inc now owns 1,014 shares of the financial services provider’s stock worth $40,000 after purchasing an additional 852 shares in the last quarter. Northwest Investment Counselors LLC bought a new position in shares of Bank of America during the 3rd quarter valued at about $45,000. Finally, Truvestments Capital LLC purchased a new stake in Bank of America in the third quarter worth approximately $73,000. 70.71% of the stock is currently owned by hedge funds and other institutional investors.

Bank of America Company Profile

Bank of America Corporation, through its subsidiaries, provides banking and financial products and services for individual consumers, small and middle-market businesses, institutional investors, large corporations, and governments worldwide. It operates in four segments: Consumer Banking, Global Wealth & Investment Management (GWIM), Global Banking, and Global Markets.